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Etruscan to drill Finkolo, hopes to find gold
Etruscan Resources Inc EET
Shares issued 43,190,430 Apr 28 close $0.84
Tue 29 Apr 2003 News Release
Mr. Richard Gordon reports
ETRUSCAN RESOURCES INC.: NEW GOLD TARGETS TO BE DRILLED IN MALI
Etruscan Resources plans a drilling program to begin next week on the
Finkolo gold property in Mali. A total of 2,500 metres of drilling is
planned to test new targets in and around a large mineralized porphyry that
was identified in recently completed geophysical and mapping programs.
Coincident geophysical and geochemical anomalies are particularly well
developed along the contacts of the porphyry (see map at the Web site noted
below). The targets occur within the Syama sequence which hosts the
5.2-million-ounce Syama gold deposit.
The Finkolo Permit covers 319 square kilometres and is situated 15
kilometres southwest of the Syama gold deposit. Etruscan can acquire a
100-per-cent interest in the Finkolo permit from Bagoe National Corporation
SARL by making cash payments totalling $350,000 (U.S.) and by expending
$200,000 (U.S.) on exploration by July 18, 2004.
The permit area was originally held by BHP International (BHP) as part of
the Syama exploration lease and was last drilled in 1989 by them. The
geophysical (induced polarization) survey was carried out on behalf of
Etruscan by Sagax Afrique S.A. to assist with the interpretation of the
geology, structure and distribution of gold known from previous drilling
and geochemical surveys in the southern part of the permit. The final
report issued on April 14, 2003, and authored by Jean David, PEng, and
Gerard Rakotondrasoa, PhD, of Sagax Afrique, documents 31 chargeability
anomalies, only two of which are actually in the area drilled by BHP.
Thirteen of the anomalies have been recommended for drilling at this time.
The induced polarization survey and an examination of drill core at Finkolo
have confirmed that the main gold mineralization encountered by BHP is
similar in character to the Syama gold deposit. The Syama sequence has been
delineated in detail across the six kilometres covered by the survey grid
and is known to continue for 22 kilometres across the entire Finkolo
permit. In 1989 BHP drilled a total of 3,630 metres in 21 holes along a
1.5-kilometre segment of this zone and intersected significant gold in
every hole. Some of the highest grade intercepts were encountered in the
holes closest to the porphyry such as 24.4 grams per tonne gold over 15.0
metres (includes 130.2 grams per tonne over 2.0 metres and 57.6 grams per
tonne gold over 1.5 metres) and 23.5 grams per tonne gold over 4.5 metres.
Significant new targets have been developed in and around the large
intrusive porphyry. The intrusion sits immediately north and outside of the
BHP drilling area. It measures approximately two kilometres long and 800
metres wide and is bounded on the east and west by regional shear zones.
Anomalous gold-arsenic-cadmium-molybdenum occurs within and around the
contacts of the intrusion. Chargeability anomalies are particularly
pronounced along the contacts and may indicate zones of disseminated
sulphides associated with gold mineralization. The strongest geochemical
anomalies occur along the eastern contact zone and in the southern portion
of the intrusion. The area drilled by BHP is characterized by the same
geochemical association of gold-arsenic-cadmium-molybdenum suggesting that
the large intrusion may be the source for the gold mineralization.
Since presenting the preliminary results of the Finkolo geophysical survey
at the Indaba mining conference held in February in South Africa, Etruscan
has been approached by three major mining companies expressing interest in
the project. Management has decided to proceed with the drilling program
before making any decisions on a possible joint venture partner. In
addition to the Finkolo permit, Etruscan holds three other well-positioned
permits in Mali West situated between the Sadiola Hill gold mine (9.8
million ounces) and the Loulo gold deposits (4.3 million ounces).
The Etruscan exploration program and interpretations are being developed
under the direction of Etruscan's qualified person, David R. Duncan, PGeo.
The common shares of Etruscan are traded on the TSX Exchange under the
symbol EET. More extensive information on Etruscan can be found on its home
page at etruscan.com.
A map is available at the following Web site address:
www2.cdn-news.com
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